Prices at the wholesale level surged by a record 9.6% in November from a year earlier, an indication of on-going inflation pressures. The Labor Department said their producer price index, which measures inflation before it reaches consumers, rose 0.8% in November after a 0.6% monthly gain in October. It was the highest monthly reading in four months. The 12-month increase in wholesale inflation set a new record, surpassing the old records for 12-month increases of 8.6% set in both September and October.
Shares of the motorcycle maker Harley Davidson jumped about 7% after the company announced their electric motorcycle unit, Livewire, will go public through a merger with a special purpose acquisition company, or SPAC. The deal is valued at about $1.8 billion and will trade on the New York Stock Exchange under the ticker symbol “LVW.”
Shares of the vaccine maker Pfizer jumped more than 4% after a new Israeli study showed its Covid booster shot provides strong protection against severe illness from the omicron variant. Its partner BioNTech saw shares jump about 8.2% on the news. Separately, the company announced it will acquire drug developer Arena Pharmaceuticals for $6.7 billion in cash. Arena’s shares soared by 79%.